Industry revenue of “insurance (except life, health and medical) carriers“ in the U.S. 2011-2023

The US employed nearly 2.7 million people in the insurance industry and is by far the largest market in the world . In fact, American insurers such as Berkshire Hathway, Prudential Financial, American International Group (AIG) are leading the global markets in terms of revenues as well.

The industry is dominated by the life, health and medical insurance segment which accounted for 72% of the total premium generated in 2018, whereas the non-life segment that includes financial protection for building, machinery, equipment, vehicle and merchandise items, accounted for a minor share of around 28%.

Private insurers are showing keen interest in the flood insurance segment

Providing affordable private insurance for homes in flood zones has been a major challenge worldwide, and the US market is no difference. This is probably the reason why the share of homeowners with flood insurance remained at around 10-12% during 2010-2016. However, with advances in modeling technology and regulatory reforms over the last few years, private insurers are showing interest in the segment which was earlier the sole responsibility of the National Flood Insurance Program (NFIP). According to a recent Deloitte report, the premium collected by private flood insurers increased by 70 percent between 2016 and 2018.

Industry revenue of “insurance (except life, health and medical) carriers“ in the U.S. from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

The industry classification is based on the Naics 2017 - system in the U.S.. The industry “direct insurance (except life, health, and medical) carriers“ has the code “52412“.

Details on the methodology can be found here.

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